Susan McPherson's Blog
It’s well known that real estate in New York City is some of the most expensive in the country, but this new penthouse condo has taken the cake before its even finished. While still under construction, the most expensive home sold in the US was purchased by hedge fund billionaire Ken Griffin for a cool $238 million.
More than double the last most expensive Manhattan home, the One57 penthouse which sold for only $100 million, this ultra-luxury flat may seem like insane price gouging, but looking at the price per square foot it’s a bit of a deal. Back in 2012 one of the 15 Central Park West penthouse units went for $88 million, which is about $13,000 per square foot while Mr. Griffin’s flat comes in at only about $10,000 per square foot.
According to local real estate professionals, this property purchase says less about the market in Manhattan and New York City in general, and actually says more about Mr. Griffin himself. It’s a one-off trophy purchase, and you have to view it that way in the market. Stick to more reasonable properties to get an idea of what’s going on in the real estate market in NYC and stay away from the trophy purchases.
Fancy Properties Around the World
While this property is the first to set a record, it’s certainly not the first insanely luxurious property for Ken Griffin. Just a little while before, he closed on one of the most expensive properties in London, a $122 million 2 century old home only a half mile from Buckingham Palace with a Gym and Pool.
This New York City purchase isn’t his first record-setting purchase. In 2017 he bought the most expensive home ever sold in Chicago paying nearly $60 million for a four-story penthouse at No 9 Walton flat tower by Gold Coast.
Buying in New York City
While not everyone can drop over a $100 million on their new home, other options in New York City put you in the heart of things without breaking records or your bank account. Your best choice is to find a real estate agent who knows the borough or neighborhoods you want to live in and make sure you plan for a long search to track down just the right home at the right price.
17 Turtle Brook Way, Medfield, MA 02052
Believe it or not, buying a condo can be a quick, easy process, particularly for those who understand their homebuying needs.
Ultimately, there are several factors to consider before you purchase a condo, including:
1. Your Budget
How much can you afford to spend on a condo? You should evaluate your homebuying budget closely to ensure you can cover all of the costs associated with condo living.
Getting pre-approved for a mortgage usually is ideal. With a mortgage in hand, you can browse a wide range of condos and find one that matches your budget perfectly.
Furthermore, don't forget to account for homeowners' association (HOA) fees before you buy a condo. HOA fees will vary depending on the condo community, and you should learn about them in advance so you can budget accordingly.
2. Property Size and Location
How much space do you need to accommodate your family? Consider the short- and long-term ramifications of a condo purchase, and you should have no trouble finding a condo that is the right size for you.
If you're uncertain about how big of a condo that you'll need, don't hesitate to consult with a real estate agent. This housing market expert will learn about your homebuying needs and help you narrow your search for the ideal condo.
Also, be sure to consider the location of a condo. If you want to find a place to live near school or work, you should search for condos that will help you cut down on your commute time.
3. Condo Rules and Regulations
Condo living is different from living in a traditional house. In a condo community, you'll have your own property, but there may be numerous condo rules and regulations in place that you'll need to follow at all times.
For example, many condo owners cannot modify a property's exterior without first getting approval from an HOA board. This means if you want to paint your condo bright pink or upgrade the property's windows, you'll need to ask the HOA board for permission.
Examine a condo community's rules and regulations prior to purchasing a condo. This will enable you to review the HOA board's mandates and determine whether you would feel comfortable following these rules and regulations.
When it comes to finding a condo, there is no need to look for a property on your own. Conversely, if you work with a real estate agent, you can take the guesswork out of searching for a top-notch condo.
Finding a real estate agent with condo experience is essential. This real estate professional will set up condo showings, keep you informed about new condos as they become available and negotiate with property sellers on your behalf. That way, this real estate agent will make it easy for you to acquire a first-rate condo at a budget-friendly price.
Kick off your search for the perfect condo today, and you can move closer to securing a condo that will serve you well for an extended period of time.
Ready to purchase a condo? No worries, as there are many terrific condos available in cities and towns nationwide.
As a condo buyer, you'll want to do everything possible to ensure you can buy a top-notch property quickly and effortlessly. Lucky for you, we're here to help you streamline the process of acquiring your dream condo.
Now, let's take a look at three tips to help you simplify the condo buying process.
1. Know What You Want Out of the Perfect Condo
Are you looking for a condo in a small town or a big city? Do you want a condo that features a community swimming pool, tennis courts and other deluxe amenities? And how close is a condo to your workplace? These are just some of the questions that you'll want to consider before you kick off your condo search.
An informed condo buyer will know exactly what to look for in the perfect condo. As a result, this condo buyer may be better equipped than others to accelerate his or her property search.
2. Understand Your Price Range
You know that you want to buy a first-rate condo, but what can you afford? With a condo buying budget in hand, you'll be able to estimate your monthly property expenses and plan accordingly.
Getting pre-approved for a mortgage may prove to be a great idea. If you meet with several banks and credit unions, you'll be able to learn about all of the mortgage options at your disposal. Then, you can select a mortgage that will enable you to establish a price range for your condo search.
In addition, don't forget to consider any homeowners' association (HOA) fees before you choose a condo. HOA fees cover property maintenance costs and will vary depending on the condo community. Therefore, if you fail to account for these fees before you purchase a condo, they may cause you to exceed your monthly budget.
3. Work with a Real Estate Agent
Take the risk out of finding a condo that meets or exceeds your expectations by working with a real estate agent – you'll be glad you did.
A real estate agent with condo experience understands what it takes to speed up the search for the perfect property. This real estate professional will go above and beyond the call of duty to help you find a property that you can enjoy for years to come.
Typically, a real estate agent will set up condo showings and keep you up to date about open houses. He or she also will help you submit offers on condos and negotiate with condo sellers on your behalf, ensuring you can manage any challenges during the condo buying process.
A real estate agent will even respond to any condo buying concerns and queries. That way, you can receive expert guidance as you navigate the process of going from condo buyer to condo owner.
Use the aforementioned condo buying tips, and you should have no trouble securing an amazing condo in the near future.